Dublin, Oct. 15, 2024 (GLOBE NEWSWIRE) -- The "eDiscovery (Software and Services) - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for eDiscovery (Software and Services) was estimated at US$13.4 Billion in 2023 and is projected to reach US$23.5 Billion by 2030, growing at a CAGR of 8.3% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
In the modern legal and business landscape, the evolution of document discovery to meet the challenges of the digital age has led to the rise of electronic discovery (eDiscovery). This process involves the management and exchange of electronically stored information (ESI) relevant to legal cases, adapting to the voluminous and complex nature of digital data.
eDiscovery has become integral as most documents are now created and stored electronically, encompassing a wide array of digital formats including emails, multimedia files, and data from emerging communication platforms. Initially manageable manually, the explosion of digital data necessitates sophisticated software solutions to handle the demands of modern eDiscovery efficiently. These tools automate the process of discovering, securing, and analyzing electronic documents, significantly reducing the time and cost associated with manual handling and improving the accuracy and efficiency of data review.
The transition from paper-based to digital discovery presents several challenges, primarily due to the sheer volume, velocity, variety, and veracity of digital data. Organizations must manage large quantities of data across multiple locations, generated rapidly from various sources such as emails, social media, and collaborative platforms. The diverse formats of digital information complicate the aggregation and processing of relevant data, while ensuring the accuracy and integrity of data can be difficult, especially when data can be easily altered or deleted.
Given these complexities, manual processes for eDiscovery are no longer feasible, making specialized eDiscovery software essential. These tools facilitate the identification, holding, reviewing, and production of necessary documents, leveraging artificial intelligence (AI) and machine learning (ML) to improve data review processes and maintain data integrity according to legal standards.
Several factors drive the growth of eDiscovery solutions. The increasing complexity of information governance requires robust eDiscovery tools to manage and govern the vast amounts of data generated daily, including data from mobile devices, cloud storage, and various communication platforms. Expanding regulatory requirements, such as GDPR and CCPA, pressure organizations to manage data in compliance with legal standards, making eDiscovery solutions indispensable.
Data-intensive industries like healthcare, finance, and legal services rely heavily on eDiscovery for handling sensitive data securely and accurately. Advancements in AI and ML have transformed eDiscovery capabilities, allowing for precise data analysis and faster document review processes. The shift towards remote work and digital collaboration has expanded the scope of ESI, necessitating eDiscovery solutions that can manage data from platforms like Slack and Microsoft Teams. Additionally, increased litigation, internal investigations, and consumer demand for privacy and transparency drive the adoption of eDiscovery solutions, making them essential for managing complex, regulated, and data-driven business environments.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the eDiscovery Services segment, which is expected to reach US$15.7 Billion by 2030 with a CAGR of a 9.0%. The eDiscovery Solutions segment is also set to grow at 7.1% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $4.8 Billion in 2023, and China, forecasted to grow at an impressive 10.6% CAGR to reach $2.5 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as AccessData Group LLC, CloudNine Discovery, CommVault Systems, Inc., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 676 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $13.4 Billion |
| Forecasted Market Value (USD) by 2030 | $23.5 Billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Navigating the Data Deluge: The Imperative Need for eDiscovery Solutions in the Age of ESI Expansion
- An Introduction to eDiscovery Software and Services
- What is Electronic Discovery Reference Model (EDRM)?
- Types of eDiscovery Solutions
- Key Benefits of eDiscovery
- Major End-Users of eDiscovery Solutions
- Business Use Cases for eDiscovery
- Economic Frontiers: Trends, Trials & Transformations
- The Impact of COVID-19 on the eDiscovery Market: Challenges and Opportunities
- Pandemic-induced Workplace Changes: Implications for eDiscovery Market
- Global Market Outlook
- Services Segment Leads Global eDiscovery Market
- eDiscovery Software Demand Continues to Surge
- Cloud-based SaaS Model Exhibits Rapid Growth
- BFSI Sector: Largest End-Use Sector
- Developed Regions Lead, Developing Economies to Boost Long-term Growth
- Competition
- eDiscovery (Software and Services) - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Number of M&A and Investment Events in eDiscovery Space: 2015-2023
- Recent Market Activity
- Influencer/Product/Technology Insights
MARKET TRENDS & DRIVERS
- A Deep Dive into Emerging & Upcoming Trends Redefining the eDiscovery Landscape
- Ever-Growing ESI Volumes Propel Growth of eDiscovery Solutions
- Rising Tide of Digitalization and Explosive Growth of Digital Data Create the Need for eDiscovery Solutions
- Increase in Investigations, Prosecutions and Civil Litigations Create Highly Conducive Environment for eDiscovery Market
- Increased Regulatory Compliance Throws the Spotlight on eDiscovery Solutions
- Rise in Data Breaches Drives Demand for eDiscovery Software
- Adoption of Cloud-Based eDiscovery Solutions Strengthens Business Case for Efficient Data Management
- Digital Transformation Trends Accelerate Adoption of eDiscovery Software
- AI and Machine Learning Innovations Accelerate Demand for Advanced eDiscovery Tools
- The AI Chapter & Other Developments Shaping Future of eDiscovery
- Revolutionizing Legal Processes: The Impact of Generative AI on eDiscovery
- Advances in Predictive Coding and Analytics Propel Market Growth
- Proliferation of Mobile Devices Drives Adoption of Mobile eDiscovery Solutions
- Demand for Cost-Effective eDiscovery Solutions Generates Opportunities in SME Segment
- Shift towards Hybrid Work and Remote Work Models Drive Demand for Secure eDiscovery Platforms
- Technological Convergence with Blockchain Strengthens Business Case for eDiscovery Solutions
- Rise in Cross-Border Data Transfer Regulations Expands Market Opportunities
- ECA Infuses Risk Evaluation Capability into eDiscovery Process
- The Attachment Maze in eDiscovery: Addressing the Challenges and Innovations
- Growing Demand from Government Agencies Bodes Well for Market Growth
- Enterprises Prioritize eDiscovery Solutions in their Legal Departments
- Shift towards In-House eDiscovery: Enhancing Efficiency, Security, and Control
- Law Firms Seek the Sophistication of eDiscovery Solutions
- Integration of eDiscovery with LegalTech Spurs Market Expansion
- Vital Benefits of eDiscovery Software for Legal Practices
- Igniting Innovative eDiscovery Ideas Warrants the Need for Collaborations
- Major Challenges Confronting eDiscovery Market
FOCUS ON SELECT PLAYERS (Total 141 Featured)
- AccessData Group LLC
- CloudNine Discovery
- CommVault Systems, Inc.
- Conduent Inc.
- Consilio
- Deloitte Consulting LLP
- Driven, Inc.
- Epiq Systems, Inc.
- Fronteo, Inc.
- FTI Consulting, Inc.
- HaystackID LLC
- IBM Corporation
- Ipro Tech, LLC
- KLDiscovery
- Lighthouse
- Logikcull
- Micro Focus International plc
- Microsoft Corporation
- Nuix Pty., Ltd.
- OpenText Corporation
- Relativity
- Ricoh Americas Corporation
- Thomson Reuters Corporation
- Veritas Technologies LLC
- ZyLAB Technologies B.V
For more information about this report visit https://www.researchandmarkets.com/r/jx92u2
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